Blockchain got talent: The multi-trillion dollar blockchain job market
Blockchain technology has taken off, transforming every other industry. With the benefits of the technology being realized every day, companies all over the world have been on the hunt for professionals with blockchain skills. This has created a huge blockchain jobs market, with Gartner estimating it to hit $176 billion by 2025 and a whopping $2.8 trillion by 2030.
As reported by CoinGeek, it’s the global tech giants that have been the biggest investors in the technology. IBM, Accenture, Oracle, SAP, Amazon, Alibaba, Baidu and Microsoft are just a few of global firms that are aggressively investing in the research and development of blockchain.
Despite the crypto winter of 2018, blockchain jobs didn’t take a hit according to TeqAtlas, a Swiss research and consulting firm that focuses on emerging technology. Speaking to CoinGeek, the firm revealed that firms investing in blockchain technology have a long-term outlook and are unfazed by temporary market movements.
While this labor market is growing, it’s still relatively small compared to other emerging technologies such as artificial intelligence and the Internet of Things (IoT). For instance, in the U.S., there are over 10,000 AI specialists, with blockchain specialists not even accounting for a fifth of that number.
Opportunities are rising and with it, the number of skilled professionals. In the Future of Jobs report by the World Economic Forum, blockchain was listed among the roles that have seen accelerating demand globally.
The biggest impediment that companies face with blockchain technology is the lack of skilled workers, TeqAtlas revealed. Citing data from an earlier report on emerging technologies for SMEs, the firm stated that the number of professionals who have a deep understanding of blockchain technology is quite small. Moreover, the technology is constantly evolving, requiring these professionals to keep constantly updated. This is one of the factors behind the very high wages offered to blockchain developers.
As previously reported, the U.S. continues to be the market leader in the blockchain job market. However, TeqAtlas believes that China can’t be ignored as a potential world leader in the sector. The company stated:
But we shouldn’t take China out of consideration. The Belt and Road initiative launched in 2013 that aims to make a new scheme of economic globalization is a perfect match for Blockchain adoption. Many international tech contracts between governments and companies of different countries will be signed as a result of this program. Matrix, for example, became the Blockchain and AI technology partner to be adopted by companies that pursue Belt and Road goals.
The Chinese government has invested $2.1 billion in an AI research park in Beijing, with blockchain startup VeChain being selected as the technology partner. Chinese giants such as Huawei and Alibaba have also been working on integrating blockchain technology especially for small retailers who make up the bulk of the economy.
One of the criticisms that blockchain technology has faced has been that it’s only being used by the big tech giants as they are the only ones which can afford the associated costs. With time, this has changed, with blockchain-as-a-service products emerging in the recent past which allow smaller companies to use the technology without undertaking all the setup costs.
Many firms have also been blamed for throwing around the term blockchain as a mere buzzword to attract the hype and investment it comes with. This, TeqAtlas admits, has been the case with some firms. However, the companies that develop genuine products will be the only ones that stand the test of time. The firm concluded:
But as an old saying goes, in a strong wind, even turkeys can fly, and when the market is done overheating, there will be a selected number of companies solving real-world business problems, with sufficient capital raised, established proper operational processes, as well as hired talented teams. These companies will grab a significant market share, driving the Blockchain adoption.
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